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Why frugality isn’t the only path to financial success
If you had a dollar for every time someone told you to follow a budget, you probably wouldn’t be scrolling through a financial advice blog right now.
But there’s a reason why cost-cutting is usually the first thing people think of when it comes to personal finance. Pinching pennies is simple—in theory, at least. It’s a practice we can control, and one that has immediate effects: a $5 coffee here, a $15 sandwich there, maybe even a whole $500 plane ticket home when you choose to skip out on a family celebration. But as the image of spending a holiday alone in a cold apartment over instant ramen and pirated TV suggests, extreme frugality can get old fast.
It also has its limits.
“It makes sense to me why spending gets emphasized much more than earning,” writes Paco de Leon in her book Finance for the People, “…but there is always an expense floor, so you can only reduce your spending to that floor.” When it comes to financial health, decreasing your money-out only tells half the story. Enter budgeting’s flashier counterpart: increasing your money-in.
Here are three ways to bring more cash into your life.
1. Raise your worth
Easier said than done, we know. Salary negotiations can be stressful, but these conversations are a fact of life in professional environments. While you may have been up the night before practicing what to say, the partners at your firm will be used to this kind of discussion. They may even be expecting it from you. In a recent survey by Canadian Lawyer Magazine, 97% of industry hiring managers anticipate salary increases for legal professionals next year.1
Still, it’s important to come prepared. Timing is key, as pay raises are most likely to be awarded during performance reviews at the start of a new budget cycle. Performance reviews are a natural opportunity for you to discuss how you’re bringing value to the firm, and what success measures it will take to get that coveted promotion—and the paycheque that comes with it. It’s also worth noting that some of the biggest salary jumps happen when lawyers leave one firm for another, something to keep in mind if you’re feeling undervalued in your current position.
2. Compound your cash
Now that you’ve got that well-deserved bump to your paycheque, it could be a good idea to get acquainted with the magic of compound interest.
Small, regular contributions to a tax-efficient investment account can add up to some serious cash over the years. $100 a month, for example, over 15 years at an interest rate of 5% adds up to $26,483.2 That’s $8,483 just from the interest—or, in other words, almost 478 hours of work at a minimum wage job.
3. All hail the side hustle
This one’s tricky, especially for those who are already stretched thin from school or a demanding work schedule. Wait, I can barely keep up with my job now and you want me to take on a second job? Well, no, not exactly. What we’re suggesting is less about taking on more work than it is monetizing things you’re already doing that you enjoy. Maybe you could teach a fitness class once a week, or resell thrifted finds online. Even bringing in an extra $100 a month can add some much-needed breathing room to a tight budget.
Learning to earn
For so many of us, frugality runs deep. You’ve probably heard the expression, “a penny saved is a penny earned,” but did you know it dates all the way back to the 1600s?
If you’ve ever found yourself stressed about making rent, loan repayments, or reaching savings goals, it makes sense that your first impulse is probably to cut back on expenses. It’s important to remember, however, that a strict budget isn’t your only option.
A focus on maximizing your income can open new possibilities for your financial future, without sacrificing your quality of life today. After all, as much as dinners out might seem frivolous, the stress relief from a great meal and time spent with friends can be an investment in your overall well-being. So, let’s give some love to those pennies earned—the millions upon millions of them out there waiting for us.
Get budgeting help from your not-for-profit partner. Lawyers Financial is proud to offer you complimentary access to the best DIY financial planning tool in Canada. Whether you’re managing debt, saving for a home, or building a budget—be ready for what’s next with My Plan, powered by Conquest.
Sources:
1. Canadian Lawyer Magazine, “Canadian Lawyer report reveals key trends in legal salaries across Canada,” January 9, 2025
2. Getsmarteraboutmoney.ca, Compound Interest Calculator
3. In June 2025, Conquest Financial was awarded Wealth Professional’s wealthtech service provider of the year award
